Needham & Company LLC Reiterates “Buy” Rating for Symbotic (NASDAQ:SYM)

Needham & Company LLC reissued their buy rating on shares of Symbotic (NASDAQ:SYM) in a research note issued to investors on Friday morning,Benzinga reports. They currently have a $35.00 price target on the stock.

A number of other research firms also recently issued reports on SYM. Citigroup reiterated a “buy” rating and issued a $37.00 target price on shares of Symbotic in a research report on Monday, January 13th. BWS Financial reiterated a “sell” rating and set a $10.00 price objective on shares of Symbotic in a report on Tuesday, November 19th. Oppenheimer initiated coverage on Symbotic in a research report on Wednesday. They set an “outperform” rating and a $35.00 price objective for the company. Northland Securities upped their target price on Symbotic from $50.00 to $53.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. Finally, William Blair reiterated a “market perform” rating on shares of Symbotic in a report on Thursday, December 5th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $38.73.

Symbotic Trading Down 6.5 %

Shares of SYM stock opened at $29.76 on Friday. Symbotic has a 1-year low of $17.11 and a 1-year high of $52.20. The stock’s fifty day simple moving average is $27.96 and its 200-day simple moving average is $27.55.

Symbotic (NASDAQ:SYM) last released its earnings results on Monday, November 18th. The company reported $0.05 earnings per share for the quarter, meeting the consensus estimate of $0.05. The company had revenue of $576.77 million for the quarter, compared to analysts’ expectations of $470.24 million. Symbotic had a positive return on equity of 6.49% and a negative net margin of 0.32%. The business’s revenue for the quarter was up 47.2% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.08) EPS. Equities analysts predict that Symbotic will post 0.12 earnings per share for the current year.

Insider Activity

In related news, Director Todd Krasnow sold 2,000 shares of the business’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $24.04, for a total transaction of $48,080.00. Following the completion of the transaction, the director now owns 214,036 shares of the company’s stock, valued at approximately $5,145,425.44. The trade was a 0.93 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Michael David Dunn sold 5,365 shares of the firm’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $24.60, for a total value of $131,979.00. Following the completion of the sale, the insider now directly owns 31,860 shares in the company, valued at $783,756. This trade represents a 14.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 111,844 shares of company stock valued at $3,268,431 over the last 90 days. 38.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Castleview Partners LLC grew its stake in shares of Symbotic by 50.0% in the third quarter. Castleview Partners LLC now owns 1,500 shares of the company’s stock worth $37,000 after acquiring an additional 500 shares during the last quarter. Arcadia Investment Management Corp MI acquired a new stake in Symbotic in the 3rd quarter worth $49,000. RiverPark Advisors LLC increased its holdings in shares of Symbotic by 147.1% during the 3rd quarter. RiverPark Advisors LLC now owns 2,034 shares of the company’s stock worth $50,000 after purchasing an additional 1,211 shares during the period. Quest Partners LLC raised its position in shares of Symbotic by 19,307.7% during the third quarter. Quest Partners LLC now owns 2,523 shares of the company’s stock valued at $62,000 after buying an additional 2,510 shares during the last quarter. Finally, Quarry LP bought a new stake in shares of Symbotic in the second quarter valued at about $65,000.

About Symbotic

Symbotic Inc, an automation technology company, engages in developing technologies to improve operating efficiencies in modern warehouses. The company automates the processing of pallets and cases in large warehouses or distribution centers for retail companies. Its systems enhance operations at the front end of the supply chain.